Fort Smith, AR
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Fort Smith, AR Real Estate Data


Fort Smith Housing Market Information

With a population of 88,194, 34,780 total housing units (homes and apartments), and a median house value of $97,550, house prices in Fort Smith are solidly below the national average.

Single-family detached homes are the single most common housing type in Fort Smith, accounting for 64.34% of the city's housing units. Other types of housing that are prevalent in Fort Smith include large apartment complexes or high rise apartments ( 17.74%), duplexes, homes converted to apartments or other small apartment buildings ( 13.76%), and a few row houses and other attached homes ( 3.47%).

The most prevalent building size and type in Fort Smith are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 51.80% owning and 48.20% renting.

There is a lot of housing in Fort Smith built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Fort Smith built between 1940-1969 ( 34.11%). A lesser amount of the housing stock also hails from between 2000 and later ( 12.65%). There's also some housing in Fort Smith built before 1939 ( 5.70%).

Vacant housing appears to be an issue in Fort Smith. Fully 11.75% of the housing stock is classified as vacant. Left unchecked, vacant Fort Smith homes and apartments can be a drag on the real estate market, holding Fort Smith real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Fort Smith Home Appreciation Rates

Real estate appreciation rates in Fort Smith's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 0.05% during the period.

Over the last year, Fort Smith appreciation rates have trailed the rest of the nation. In the last twelve months, Fort Smith's appreciation rate has been 2.14%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Fort Smith were at -0.88%, which equates to an annual appreciation rate of -3.48%.

Notably, Fort Smith's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Arkansas, our data show that Fort Smith's latest annual appreciation rate is lower than 50% of the other cities and towns in Arkansas.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Fort Smith differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Fort Smith - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Fort Smith real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$97,550

Fort Smith, AR HOME PRICES

Value Range
> $1,047,000 0.0
$785,001 - $1,047,000 0.5
$523,001 - $785,000 1.5
$419,001 - $523,000 0.9
$314,001 - $419,000 2.3
$210,001 - $314,000 8.9
$105,001 - $210,000 33.3
$52,001 - $105,000 42.9
$0 - $52,000 9.5

Average for AR
Low for Nation

Value Relative to Nation Value Relative to State
79.0577756943631 45.7746478873239

Number Of Homes And Apartments:
34,780

Rent & Ownership

 

Average Market Rent:
$762 / per month

Homeownership Rate

Homeownership
Owners 51.80
Renters 48.20
Vacant 11.75

Housing Market Details

 

Age of Homes

AGE OF Fort Smith HOMES
2000 or Newer 12.7
1970 - 1999 47.5
1940 - 1969 34.1
1939 or Older 5.7

Types of Homes

TYPE OF Fort Smith HOMES
Single-Family 64.3
Townhomes 3.5
Small Apt. Buildings 13.8
Apt. Complexes 17.7
Mobile Homes 0.6
Other 0.1

Home Size

SIZE OF Fort Smith HOMES
No Bedroom 2.36
1 Bedroom 12.50
2 Bedrooms 28.90
3 Bedrooms 43.57
4 Bedrooms 11.01
5 or more bedrooms 1.66

Fort Smith Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AR*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
25.90% 1.34% 3 3
* 10 is highest